An all-equity company currently has 11,200 shares of common stock outstanding. The current market price of each share is $22. The company has decided to issue corporate bonds in the total amount of $116,000 at an annual cost of 9 percent. The company will use these funds to repurchase some of its common stock shares from the market. Calculate the earnings per share at the break-even level of the company's earnings before interest and taxes (i.e., at which the company's stockholders are indifferent between the company having debt or not.)